Monster Beverage Corp MNST
When this report uses the words "the Company", "we", "us" and "our", these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business, except through its consolidated subsidiaries. The Company's subsidiaries primarily develop and market energy drinks.
We develop, market, sell and distribute energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names:
We also develop, market, sell and distribute craft beers, flavored malt beverages ("FMBs") and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale's Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep EllumTM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The BeastTM, Beast® Tea, Blind Lemon®, Blinder LemonTM and other brands.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.29B | $7.49B | $7.14B | $6.31B | $5.54B | $4.60B | $4.20B | $3.81B | $3.37B | $3.05B |
| Cost of revenue | $3.66B | $3.44B | $3.35B | $3.14B | $2.43B | $1.87B | $1.68B | $1.51B | $1.23B | $1.11B |
| Gross profit | $4.63B | $4.05B | $3.79B | $3.17B | $3.11B | $2.72B | $2.52B | $2.30B | $2.14B | $1.94B |
| Total operating expenses | $2.21B | $2.12B | $1.84B | $1.59B | $1.31B | $1.09B | $1.12B | $1.01B | $938.9M | $856.7M |
| Operating income | $2.42B | $1.93B | $1.95B | $1.58B | $1.80B | $1.63B | $1.40B | $1.28B | $1.20B | $1.09B |
| Pre-tax income | $2.48B | $1.99B | $2.07B | $1.57B | $1.80B | $1.63B | $1.42B | $1.29B | $1.20B | $1.08B |
| Income tax | $577.1M | $480.4M | $437.5M | $380.3M | $423.9M | $216.6M | $308.1M | $300.3M | $380.9M | $367.0M |
| Net income | $1.91B | $1.51B | $1.63B | $1.19B | $1.38B | $1.41B | $1.11B | $993.0M | $820.7M | $712.7M |
| Shares, diluted (wtd. avg.) | $984.5M | $1.01B | $1.06B | $1.07B | $1.07B | $534.8M | $546.6M | $564.3M | $577.1M | $599.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.09B | $1.53B | $2.30B | $1.31B | $1.33B | $1.18B | $798.0M | $637.5M | $528.6M | $377.6M |
| Short-term investments | $677.1M | $0 | $955.6M | $1.36B | $1.75B | $881.4M | $533.1M | $320.6M | $672.9M | $220.6M |
| Receivables | $1.62B | $1.22B | $1.19B | $1.02B | $896.7M | $666.0M | $540.3M | $484.6M | $449.5M | $448.1M |
| Inventory | $799.6M | $737.1M | $971.4M | $935.6M | $593.4M | $333.1M | $360.7M | $277.7M | $255.7M | $162.0M |
| Total current assets | $5.36B | $3.64B | $5.59B | $4.76B | $4.68B | $3.14B | $2.32B | $1.80B | $2.09B | $1.43B |
| Property, plant and equipment | $1.08B | $1.05B | $890.8M | $516.9M | $313.8M | $314.7M | $298.6M | $243.1M | $230.3M | $173.3M |
| Goodwill | $1.33B | $1.33B | $1.42B | $1.42B | $1.33B | $1.33B | $1.33B | $1.33B | $1.33B | $1.33B |
| Other intangibles | $1.38B | $1.41B | $1.43B | $1.22B | $1.07B | $1.06B | $1.05B | $1.05B | $1.03B | $1.03B |
| Total assets | $9.99B | $7.72B | $9.69B | $8.29B | $7.80B | $6.20B | $5.15B | $4.53B | $4.79B | $4.15B |
| Accounts payable | $566.0M | $466.8M | $564.4M | $444.3M | $404.3M | $296.8M | $274.0M | $248.8M | $245.9M | $193.3M |
| Total current liabilities | $1.45B | $1.10B | $1.16B | $1.00B | $965.1M | $750.0M | $661.1M | $601.1M | $560.4M | $470.6M |
| Long-term debt | — | $374.0M | — | — | — | — | — | — | — | — |
| Retained earnings | $9.35B | $7.45B | $5.94B | $9.00B | $7.81B | $6.43B | $5.02B | $3.91B | $2.93B | $2.11B |
| Total equity | $8.25B | $5.96B | $8.23B | $7.03B | $6.57B | $5.16B | $4.17B | $3.61B | $3.90B | $3.33B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.10B | $1.93B | $1.72B | $887.7M | $1.16B | $1.36B | $1.11B | $1.16B | $987.7M | $701.4M |
| Depreciation and amortisation | $114.4M | $80.4M | $68.9M | $61.2M | $50.2M | $57.0M | $60.7M | $57.0M | $48.9M | $40.8M |
| Stock-based compensation | $125.7M | $91.0M | $68.8M | $64.1M | $70.5M | $70.3M | $63.4M | $57.1M | $52.3M | $45.8M |
| Capital expenditure | $132.3M | $264.1M | $221.4M | $188.7M | $43.9M | $48.7M | $101.7M | $61.9M | $83.4M | $99.8M |
| Investing cash flow | -$1.32B | $733.7M | -$193.4M | -$161.4M | -$992.0M | -$472.5M | -$326.7M | $273.0M | -$531.5M | -$256.2M |
| Financing cash flow | -$324.4M | -$3.33B | -$542.6M | -$706.9M | $34.8M | -$526.1M | -$628.5M | -$1.32B | -$311.1M | -$2.24B |
| Buybacks | $103.6M | $3.77B | $659.0M | $771.0M | $13.8M | $595.9M | $707.3M | $1.34B | $361.2M | $2.25B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-020831.
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